Bullish potential for crude tankers amid revised OPEC+ cuts
Crude tanker freight rates could garner support from non-OPEC+ production through the summer and later from the announced easing of OPEC+ cuts, following the latest amendments to the group’s policy,...
View ArticleSafety dangers from sanctioned tanker fleet growing
Safety dangers are growing from ageing and unregulated vessels, leading ship management firm V.Group told Reuters, adding it had stopped providing services to 30 tankers last year after they were sold...
View ArticleDorian LPG announces pricing of public offering of 2,000,000 common shares
Dorian LPG announced that it has priced its previously announced underwritten public offering of 2,000,000 shares of common stock, par value $0.01 per share, at $44.50 per share. The net proceeds of...
View ArticleAlternative fuels and seafarer upskilling dominate discussions at greener...
Alternative fuels and seafarer upskilling took centre stage at the ‘Greener Shipping Summit 2024’ held at Posidonia 2024 this week. Under the theme ‘New Technologies and Education’, the...
View ArticleIMO presents pathway to net-zero shipping at Bonn climate talks
The International Maritime Organization (IMO) has outlined its latest progress and plans to decarbonize global shipping by or around 2050, in a submission to the Bonn Climate Conference. The...
View ArticleRussian tanker group Sovcomflot expects sanctions to cut 2024 revenues
Russia’s leading tanker group Sovcomflot said western sanctions and changing market conditions may cut its revenues this year, a rare admission from a major Russian business of the damage western...
View ArticleChina takes orders for 54 ships vs. Korea’s 2 in May
The Korean shipbuilding industry’s share of global shipbuilding orders plummeted to less than 10 percent in May. This was blamed on a decline in orders for Korean shipbuilders’ main ship types...
View ArticleContainers: Spot rates in China to hit five figures
There were further double-digit increases in container spot freight rates this week, after a series of general rate increases and other surcharges came into effect on 1 June, a day or two after last...
View ArticleRussia starts wheat shipments to Brazil from Baltic terminal
Russia has started wheat shipments to Brazil from Vysotsky Port on the Baltic Sea, the quality inspection arm of Russia’s agricultural watchdog said. “Grain was shipped to Brazil from Russian Baltic...
View ArticleChina’s May coal imports rise 11% on lower domestic output
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this year led to increased shipments of international coal....
View ArticleParis wheat falls on worry about Turkey’s import ban
European wheat dropped on Monday on concern about Turkey’s import ban weakening global demand, but an export-friendly dip in the euro restrained falls. Benchmark September milling wheat BL2U4 on the...
View ArticleLondon P&I Club reports strong financial results for the 2023/24 financial year
The London P&I Club announced its financial results for 2023/24, reporting an operating surplus of US$36.3m, strengthening its free reserves to US$149.8m. Gross Earned Premium increased by 4.5%...
View ArticleDP World announces major investments in Latin American ports to boost...
DP World, a global leader in supply chain solutions, is making significant investments in its port terminals in Peru and Ecuador to enhance capacity and operational efficiency, reinforcing its...
View ArticleVantage Drilling contemplates the listing of its shares on Euronext Growth in...
Vantage Drilling International is currently exploring a possible listing of its shares on Euronext Growth Oslo, a multilateral trading facility operated by Euronext. A listing may facilitate increased...
View ArticleNoble Corp offers $1.6 bln for rival Diamond Offshore to strengthen fleet
Offshore rig contractor Noble, opens new tab said on Monday it would buy smaller rival Diamond Offshore Drilling, opens new tab in a cash-and-stock deal valued at $1.59 billion, the latest in a series...
View Article2020 Bulkers: Organizational update & succession plan
The Board of Directors of 2020 Bulkers Ltd. are pleased to announce that Mr. Lars-Christian Svensen will join 2020 Bulkers Management AS as Chief Commercial Officer on September 1, 2024. Concurrently,...
View ArticleBaltic index hits one-week low as capesize rates dip
The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, marked its lowest level in a week on Tuesday, pulled down by weaker capesize rates. The...
View ArticleOPEC keeps oil demand growth forecast for 2024 unchanged
Crude Oil Price Movements In May, the OPEC Reference Basket (ORB) declined by $5.53, or 6.2%, m-o-m, to average $83.59/b. Oil futures prices declined, with the ICE Brent front-month contract falling...
View ArticleChina’s strong iron ore imports contrast with weak steel output
The strength in China’s iron ore imports this year stands in stark contrast to the weakness in steel production and demand, setting up a dilemma as to how the contradiction will be resolved. China,...
View ArticleIMO to open regional office in Fiji to serve the Pacific
IMO will open its seventh Regional Presence Office, in Suva, Fiji, to serve countries and territories in the Pacific Islands region. IMO Secretary-General Mr. Arsenio Dominguez and the Minister for...
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